Speedy Hire (LON:SDY) Trading 18.8% Higher Following Insider Buying Activity

Key Points

• Speedy Hire's stock price surged 18.8% to GBX 28.70 following significant insider buying, with 4.5 million shares traded, far exceeding the average volume.
• Insider purchases included 10,500 shares by Shatish D. Dasani and 250,000 shares by David J. B. Shearer, both at an average price of GBX 28 per share.
• Wall Street analysts maintain a "buy" rating for the stock, with a price target of GBX 60, reflecting investor confidence in the company's growth potential.

Speedy Hire Plc (LON:SDY - Get Free Report)'s stock price traded up 18.8% during trading on Monday after an insider bought additional shares in the company. The stock traded as high as GBX 29 ($0.39) and last traded at GBX 28.70 ($0.39). 4,539,014 shares were traded during trading, an increase of 313% from the average session volume of 1,098,396 shares. The stock had previously closed at GBX 24.17 ($0.33).

Specifically, insider Shatish D. Dasani purchased 10,500 shares of the company's stock in a transaction on Monday, October 6th. The shares were purchased at an average cost of GBX 28 per share, for a total transaction of £2,940. Also, insider David J. B. Shearer acquired 250,000 shares of the business's stock in a transaction on Monday, October 6th. The shares were bought at an average price of GBX 28 per share, for a total transaction of £70,000.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group reissued a "buy" rating and issued a GBX 60 price objective on shares of Speedy Hire in a research note on Thursday, September 4th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of GBX 65.

Speedy Hire Stock Up 18.8%

The stock has a market cap of £132.17 million, a price-to-earnings ratio of -11,958.33, a P/E/G ratio of 0.21 and a beta of 1.25. The business has a fifty day moving average of GBX 26.99 and a 200 day moving average of GBX 25.20. The company has a debt-to-equity ratio of 115.48, a current ratio of 0.94 and a quick ratio of 0.90.

About Speedy Hire

Speedy Hire Plc, together with its subsidiaries, provides tools, equipment, and plant hire services to the construction, infrastructure, and industrial markets in the United Kingdom and Ireland. The company hires a range of tools and accessories, including access, lighting, lifting, rail, survey and safety, ATEX, plant, communications, and pipework and engineering equipment; compressors, generators, and pumps; and heating, ventilation, and cooling equipment.

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